China Bank profit rises to P5.2B in H1

Listed China Banking Corp. (China Bank) reported on Thursday that its net income increased to P5.2 billion in the first half of the year despite higher provisions.

In a statement, the Sy-led lender said the latest figure was a 24-percent improvement on its profit in the same period in 2019, even as it ramped up provisions more than 14 times to P4.8 billion “in anticipation of the impact of Covid-19 (coronavirus disease 2019) and ongoing quarantine measures on asset quality.”